In the app, users type in their destination and then choose from a number of locations based on how close they want to park at their destination.

"A lot of people coming in from out of town save on hotels that are charging from up to $40 a day. We can offer, a lot of times, $5 or $7 down the street, just a block or two from your hotel," McTamney said.

He said many parking garages aren't filled to capacity, which is why they're willing to work with a company like Parking Panda because they still make money while customers get a spot at a reduced rate.

For this weekend's Grand Prix, Parking Panda is working with the city to secure more than 40 different locations for parking, from residents willing to rent their driveways to business lots like the Baltimore Museum of Industry.

"They're not using them, otherwise, on the weekends. So, we go seek out these private business lots, and we're able to take all the work away from management. They can make extra money on the weekend," McTamney said. "If you take a lot that has 220 spots, that's a significant amount of money."

Parking Panda is also available in Washington, D.C, and launches are planned in San Francisco and Philadelphia in September.